Entrepreneur Works With Walker, Minnesota Bank to Get an SBA Loan

Get to know Walker, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. First National Bank Of Walker is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Backus, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from First National Bank Of Walker. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
BACKUS, MN 56474

SBA Loan Lender

FIRST NATIONAL BANK OF WALKER
600 MINNESOTA AVE WEST
WALKER, MN 56484

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

4/4/2005

Loan Approval Gross Amount

$115,500

Loan Approval from the SBA

Of the total $115,500 loan amount, the SBA guaranteed $98,175.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $115,500. How would you spend $115,500 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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